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State of Michigan Retirement System Portfolio holdings
AUM
$22.6B
Turnover
5.03%
1-Year Est. Return
40.24%
This Fund
S&P 500
This Quarter
Est. Return
+26.19%
1 Year Est. Return
+40.24%
3 Year Est. Return
+127.54%
5 Year Est. Return
+152.65%
10 Year Est. Return
+534.6%
AUM
$22.6B
AUM Growth
+$3.66B
(+19%)
Cap. Flow
+$818M
Cap. Flow
% of AUM
3.62%
Top 10 Holdings %
Top 10 Hldgs %
30.97%
Holding
975
New
34
Increased
149
Reduced
743
Closed
15
Avg Time Held
8.8
years
Top 10 Avg Time Held
4.5
years
Top 20 Avg Time Held
4.8
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
HubSpot
HUBS
|
+$226M |
| 2 |
Adobe
ADBE
|
+$125M |
| 3 |
Charter Communications
CHTR
|
+$107M |
| 4 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$98.8M |
| 5 |
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
|
+$98.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TransDigm Group
TDG
|
+$75.5M |
| 2 |
State Street Health Care Select Sector SPDR ETF
XLV
|
+$59.3M |
| 3 |
Meta Platforms (Facebook)
META
|
+$53.4M |
| 4 |
Cigna
CI
|
+$42M |
| 5 |
Intel
INTC
|
+$34.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 36.61% |
| 2 | Financials | 10.43% |
| 3 | Communication Services | 9.47% |
| 4 | Healthcare | 8.27% |
| 5 | Consumer Discretionary | 8.06% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
201
Mondelez International
MDLZ
$80.4B
| $19M | 0.08% |
328,670
-6,200
| -2% | -$374K |
2013 Q2
52 quarters
|
|
202
Motorola Solutions
MSI
$75.5B
| $18.9M | 0.08% |
45,508
-900
| -2% | -$377K |
2013 Q2
52 quarters
|
|
203
Colgate-Palmolive
CL
$73.9B
| $18.8M | 0.08% |
204,929
-5,600
| -3% | -$490K |
2013 Q2
52 quarters
|
|
204
Travelers Companies
TRV
$80.1B
| $18.7M | 0.08% |
56,653
-2,100
| -4% | -$636K |
2013 Q2
52 quarters
|
|
205
SLB Ltd
SLB
$71.8B
| $18.7M | 0.08% |
401,838
-66,400
| -14% | -$3.56M |
2013 Q2
52 quarters
|
|
206
Mercado Libre
MELI
$94.1B
| $18.7M | 0.08% |
11,000
| – | – |
2021 Q2
20 quarters
|
|
207
Moody's
MCO
$83.8B
| $18.4M | 0.08% |
40,606
-1,500
| -4% | -$674K |
2013 Q2
52 quarters
|
|
208
CRH
CRH
$54.8B
| $18.3M | 0.08% |
171,100
-4,000
| -2% | -$440K |
2025 Q4
2 quarters
|
|
209
Twist Bioscience
TWST
$9.58B
| $18.3M | 0.08% |
177,401
+24,229
| +16% | +$1.58M |
2020 Q3
23 quarters
|
|
210
Honeywell
HON
$66.7B
| $18.2M | 0.08% |
81,108
-84,707
| -51% | -$18.9M |
2018 Q4
30 quarters
|
|
211
Monster Beverage
MNST
$88.8B
| $18.1M | 0.08% |
377,432
-7,000
| -2% | -$294K |
2013 Q2
52 quarters
|
|
212
Aon
AON
$60.8B
| $18.1M | 0.08% |
54,658
-1,400
| -2% | -$452K |
2013 Q2
52 quarters
|
|
213
Norfolk Southern
NSC
$73B
| $18.1M | 0.08% |
57,490
-1,200
| -2% | -$370K |
2013 Q2
52 quarters
|
|
|
HONA
214
Honeywell Aerospace
HONA
$51.7B
| $17.9M | 0.08% |
+81,107
| New | +$17.9M |
2026 Q2
0 quarters
|
|
215
DoorDash
DASH
$83.6B
| $17.9M | 0.08% |
96,900
-800
| -0.8% | -$132K |
2025 Q1
5 quarters
|
|
216
Ciena
CIEN
$50.6B
| $17.8M | 0.08% |
36,200
-600
| -2% | -$306K |
2013 Q2
52 quarters
|
|
217
Target
TGT
$71.2B
| $17.8M | 0.08% |
135,922
+2,400
| +2% | +$305K |
2013 Q2
52 quarters
|
|
218
Monolithic Power Systems
MPWR
$61.4B
| $17.7M | 0.08% |
12,811
-1,159
| -8% | -$1.74M |
2016 Q3
39 quarters
|
|
219
TE Connectivity
TEL
$61.7B
| $17.5M | 0.08% |
86,623
-4,200
| -5% | -$895K |
2013 Q2
52 quarters
|
|
220
Truist Financial
TFC
$56.9B
| $17.5M | 0.08% |
350,443
-10,100
| -3% | -$497K |
2013 Q2
52 quarters
|
|
221
Northrop Grumman
NOC
$71B
| $17.4M | 0.08% |
34,218
-600
| -2% | -$346K |
2013 Q2
52 quarters
|
|
222
Phillips 66
PSX
$115B
| $17.3M | 0.08% |
102,612
-2,600
| -2% | -$448K |
2013 Q2
52 quarters
|
|
223
Delta Air Lines
DAL
$51.4B
| $17.2M | 0.08% |
184,003
+600
| +0.3% | +$45.3K |
2013 Q3
51 quarters
|
|
224
Lumentum
LITE
$78.8B
| $17.1M | 0.08% |
19,900
+1,200
| +6% | +$1.07M |
2018 Q2
32 quarters
|
|
225
Flex
FLEX
$36.4B
| $17M | 0.08% |
104,700
+7,500
| +8% | +$910K |
2026 Q1
1 quarter
|
|
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State of Michigan Retirement System's Q2 2026 Portfolio in Review
As of Q2 2026, State of Michigan Retirement System held 975 positions worth $22.6B, up 19% from $18.9B the previous quarter. Its ten largest holdings account for 31% of the portfolio.
State of Michigan Retirement System deployed $818M of net new capital in Q2 2026, opening 34 new positions and adding to 149 existing holdings. Its largest new stake was iShares Securitized Income Active ETF: 1,900,000 shares worth $94.7M.
By sector, the portfolio is most concentrated in Technology at 37% of assets, up from 32% a quarter earlier, followed by Financials and Communication Services.
On the sell side, the largest reduction was TransDigm Group, an estimated $75.5M trimmed.
- State of Michigan Retirement System's largest Q2 2026 buy was iShares Securitized Income Active ETF: 1,900,000 shares worth $94.7M.
- State of Michigan Retirement System added most to HubSpot in Q2 2026, an estimated $226M increase.
- State of Michigan Retirement System's biggest Q2 2026 reduction was TransDigm Group, cutting an estimated $75.5M.
- State of Michigan Retirement System fully exited State Street Health Care Select Sector SPDR ETF in Q2 2026, selling an estimated $59.3M.
- State of Michigan Retirement System's ten largest holdings make up 31% of its $22.6B portfolio in Q2 2026.
- State of Michigan Retirement System opened 34 new positions and closed 15 in Q2 2026.
- State of Michigan Retirement System's portfolio value rose 19% quarter-over-quarter to $22.6B.
Based on State of Michigan Retirement System's 13F filing for Q2 2026, filed 30 Jul 2026.